The Saudi stock market dipped on Thursday (March 29th), despite news the kingdom had been granted secondary emerging market status by the global FTSE Russel index, AFP reported.
The status is one Riyadh has long sought in order to attract needed foreign investment, as the kingdom seeks to diversify its oil-dependent economy.
After rising 1% at the start of trading, Saudi Arabia's Tadawul All-Shares Index slipped into negative territory one hour after the opening.
Tadawul welcomed in a statement Thursday the announcement made by FTSE Russell to include it in the FTSE Global Equity Index after it has been on the watch-list since September 2015.
The actual procedures of joining will start in March 2019.
Tadawul, the largest Arab bourse with a capitalisation of over $460 billion, joins the stock markets of Qatar and UAE which have been accorded the status in 2014.